A Functional Representation of Fuzzy Preferences - Theoretical Economics Letters

TEL > Vol.7 No.1, January 2017

A Functional Representation of Fuzzy Preferences ()

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DOI: 10.4236/tel.2017.71002 1,257 Downloads 1,984 Views

Author(s)

Susheng Wang

Affiliation(s)

Department of Economics, Hong Kong University of Science and Technology, Hong Kong, China.

ABSTRACT

This paper defines a well-behaved fuzzy order and finds a simple functional representation for the fuzzy preferences. It includes the existing utility theory for exact preferences (no fuzziness) as a special case. It is a simple and intuitive extension of the utility theory under uncertainty, which can potentially be used to explain a few known paradoxes against the existing expected utility theory.

KEYWORDS

Functional Representation, Utility Representation, Fuzzy Preferences

Share and Cite:

Wang, S. (2017) A Functional Representation of Fuzzy Preferences. Theoretical Economics Letters, 7, 13-22. doi: 10.4236/tel.2017.71002.

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